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The cultural and legal differences between foreign acquirers and African target firms can be substantial. There is also a large variation in cultures and legal systems within Africa. However, there is limited research on merger and acquisition (M&A) performance by foreign firms in Africa. The purpose of this paper is to fill this gap by exploring the “spillover by law” hypothesis (Martynova and Renneboog, 2008) that focuses on the influence of the external environment on the governance and performance of foreign M&As in Africa.

The data set covers 415 M&A transactions by foreign firms in Africa during the period of 1999–2016. Dynamic data covering the country’s legal, cultural and political environment are collected from the World Bank, the Heritage Foundation and Transparency International.

The authors find that the legal environment significantly affects the returns of bidders on African firms. For complete acquisitions, bidder returns are significantly higher when the bidder’s country has higher shareholder protection and higher creditor protection compared with the target firm’s country. The results show that the effects are significant when there is a full control change (including a change in the target firm’s nationality) but not in the case of partial control transfers. The results are consistent with the “spillover by law” hypothesis.

The authors contribute to the literature on cross-border M&As by separately studying the valuation effects of full, majority and minority changes in control; by being the first study of the legal spillover effects in Africa; and by being the most extensive study of the legal determinants of the valuations of non-African acquirers of African firms.

The paper investigates the effect of corruption on corporate investment efficiency around the world.

The sample includes 218,350 observations from 30,074 firms across 42 countries. The authors measure corruption based on the Corruption Perception Index (CPI) from Transparency International, Corruption Control Index (CCI) from the World Bank and Corruption Index from the International Country Risk Guide.

The authors find that corruption is negatively related to investment efficiency. The robustness checks with different measures of corporate investment and alternative regression approaches show consistent findings. Moreover, the authors also find that the effect of corruption is stronger (weaker) in strong (weak) shareholder protection countries.

The paper has two important contributions to the literature. First, it shows that corruption environment is also a determinant of corporate investment efficiency. Second, legal protection of shareholders can mitigate the negative effect of corruption on corporate investment efficiency.

本研究擬探討世界各地貪污腐敗對企業投資效率的影響。

研究樣本涵蓋42個國家，30,074間公司，218,350個觀察。測量貪污腐敗的方法乃基於國際透明組織的腐敗感知指數、世界銀行的腐敗控制指數和國際國家風險指南的貪污指數。

研究結果顯示、貪污與投資效率成負相關。以企業投資的各種測量方法、以及用其他的回歸分析方法來進行的強度檢驗，均顯示一致的結果。而且，我們亦發現，在對股東的保障較大的國家，貪污所帶來的影響也會較大；同樣地、對股東的保障較小的國家，貪污的影響也相應會較輕微。

本研究對文獻有兩個重要的貢獻。首先，研究證明了貪污腐敗的環境亦是企業投資效率的決定因素；其次，研究亦證明給股東的法律保護會減低貪污對企業投資效率所帶來的負面影響。

Although tax-motivated income shifting has been widely explored, no studies have as yet analyzed the association between ownership structure and management decisions about income shifting. The ownership structure of multinational groups is characterized by different levels of minority interests, and our aim is to establish whether income shifting is explained by the aim of expropriation of minorities, as well as taxation avoidance.

We collect data on a sample of European parent companies located in five countries and their foreign subsidiaries, and run a multivariate regression based on the Huizinga and Laeven (2008) model.

Our results support the idea of minority expropriation, finding evidence of ownership-motivated income shifting. We also find that the level of minority protection affects ownership-motivated income shifting, and that, when both are present, expropriation is statistically significant.

Although the study looks at a wide range of subsidiaries, a limitation may be that it examines only firms having parent companies in five European countries. Further research would overcome this limitation and extend the literature and take into account other income-shifting contextual variables. Our results may lead regulators to pay more attention to the protection of minority interests.

This research offers insights to companies and investors, and should help them to make better-informed decisions and evaluate the best contexts for investments.

This study enriches the literature on income shifting by revealing that it can be caused by factors other than the desire to avoid taxation. It suggests that ownership structure is crucial.

This paper aims to investigate the phases of new product development within the design-driven innovation (DDI) process, the role of designers and collaborators in the process and how this process relates to some quality principles.

This study adopted a qualitative approach using Gioia methodology. In particular, four Italian manufacturing companies in the home appliances and furniture industry were selected, and data mainly collected through direct interviews were analysed through content analysis.

The new product development related to DDI includes the following phases: the company brief, the designer research, the concept of the designer, the design, legal protection, prototyping, production and the market launch. Designers play a strategic role in the above phases of DDI, but other actors also cooperate and some quality principles affect positively on the process. This study proposes a model for a DDI process in the home appliances and furniture sector.

Although this exploratory study was conducted on only four companies, it advances the DDI research in relation to new product development.

This study makes recommendations to entrepreneurs and managers on how to innovate successfully and to effectively manage designers and collaborators to ensure competition.

This analysis highlights that design-based innovation contributes to improving the quality of life of consumers.

To the best of the authors' knowledge, this is the first qualitative study to examine the phases of new product development in DDI process, the actors involved and relationship to quality principles for the Italian home appliances and furniture sector.

This study examines Covid-19-related policies as a showcase for priorities in migration governance, the role of the state and employers’ associations, as well as gaps in social security and social protection.

This paper looks at how immigration interacts with the labour market in the Czech Republic through the prism of the varieties of capitalism framework and its relation to the concepts of labour market segmentation and flexibility.

The findings show that pandemic-related measures focused on continuously adjusting a legislative framework granting access to third-country workers. However, protective measures that would guarantee migrant workers and their families access to social rights, such as healthcare, were lacking. In this context, several lines of segmentation are observed: between migrant workers in standard employment and those in non-standard employment, when looking at their access to healthcare; between migrants hired directly by employers and those working through temporary agencies in terms of their wages, stability and protection; and, at a sectoral level, between the skilled workforce and migrants that are pushed to low-qualified poorly paid, and routinised jobs.

This paper expands the existing literature on the preferences and influence of governments, employers and trade unions regarding the demand for foreign labour in varieties of capitalism by adding the perspective of a Central European economic model. At the same time, its findings contribute to the understanding that labour market inequalities are not fostered on the supply side of migrant labour, through exogenous societal or cultural characteristics specific to countries of origin, but rather through institutionalised measures, practices and policies in countries of destination.

Today, low-income people seeking resources from the federal government must often work through non-profit organizations. The purpose of this paper is to examine the constraints that the poor must face today to secure resources through non-profit organizations.

This is a conceptual paper. The authors review cases of non-profit organizations providing federally supported resources to the poor across multiple sectors.

The authors find that to accept government contracts serving the poor, nonprofit organizations must often engage in one or several practices: reject clients normally consistent with their mission, select clients based on likely outcomes, ignore problems in clients’ lives relevant to their predicament, or undermine client progress to manage funding requirements. To secure government-supported resources from nonprofits, the poor must often acquiesce to intrusions into one or more of the following: their privacy (disclosing sensitive information), their self-protection (renouncing legal rights), their identity (avowing a particular self-understanding) or their self-mastery (relinquishing authority over daily routines).

The authors show that the nonprofits’ dual role as brokers, both liaisons transferring resources and representatives of the state, can complicate their relation to their clients and the predicament of the poor themselves; the authors suggest that two larger trends, toward increasing administrative accountability and demonstrating deservingness, are having both intended and unintended consequences for the ability of low-income individuals to gain access to publicly funded resources.